Where Did All The Export Sales Go?
Has there been a mix-up at the USDA? Is Miss Tibbs on holiday this week, or has she been up all night doing unmentionable things to the agricultural attache to Nigeria again?
For the week ending May 27 they report the following motley selection of sales:
Old crop wheat sales came in negative at -53,200 MT with new crop sales a bit better at 294,300 MT giving total net sales of 241,100 MT, below trade estimates for sales of 250-500,000 MT. Exports of 300,000 MT were down 48 percent from the previous week and 37 percent from the prior 4-week average.
Corn sales were also poor at 198,700 MT for delivery in 2009/10 - a marketing-year low - and just 114,400 MT for delivery in 2010/11 with not a Ching Chong Chinaman in sight. Pre-report expectations were for sales of up to 1.25 MMT. Exports were 1,226,600 MT.
Soybean sales were also a pathetic looking bag of spanners at 135,000 MT for delivery in 2009/10 and an embarrassing 13,100 MT for delivery in 2010/11. Expectations were 200-400,000 MT. Again no Chinese interest was in evidence, and exports were only 149,100 MT.
I can't recall seeing a more across the board pathetic set of USDA weekly export sales for some considerable time, they should be called WEAKLY export sales today.
The message that US wheat is still too expensive even whilst setting contract lows may finally be hitting home. Look for more weakness tonight on the back of these.
For the week ending May 27 they report the following motley selection of sales:
Old crop wheat sales came in negative at -53,200 MT with new crop sales a bit better at 294,300 MT giving total net sales of 241,100 MT, below trade estimates for sales of 250-500,000 MT. Exports of 300,000 MT were down 48 percent from the previous week and 37 percent from the prior 4-week average.
Corn sales were also poor at 198,700 MT for delivery in 2009/10 - a marketing-year low - and just 114,400 MT for delivery in 2010/11 with not a Ching Chong Chinaman in sight. Pre-report expectations were for sales of up to 1.25 MMT. Exports were 1,226,600 MT.
Soybean sales were also a pathetic looking bag of spanners at 135,000 MT for delivery in 2009/10 and an embarrassing 13,100 MT for delivery in 2010/11. Expectations were 200-400,000 MT. Again no Chinese interest was in evidence, and exports were only 149,100 MT.
I can't recall seeing a more across the board pathetic set of USDA weekly export sales for some considerable time, they should be called WEAKLY export sales today.
The message that US wheat is still too expensive even whilst setting contract lows may finally be hitting home. Look for more weakness tonight on the back of these.
